Fairmedia:

An immigrant doing menial jobs abroad is insignificant...live your small life there. We need inventors, business men, industrialists, enterpreneurs here to grow this economy. Stop feeling fly over minimum wage.

Exactly you've said it all..

FERNANDEZISBACK:

Exactly you've said it all..

It's even this poor idiot living in a bq in Nigeria. Oloshi. Jobless girl... nairaland unpaid staff.

backbencher:


You should run for office.You have the answers now. We would vote for you.

Good morning.

Nah Nigeria?
You must be kidding..you sound intelligent so you will make a good president..

Fairmedia:

It's even this poor idiot living in a bq in Nigeria. Oloshi. Jobless girl... nairaland unpaid staff.

You are right..

alba0:
Na wa

make only you play the game.

Make only you chop the money.

Werey

treesun:



https://punchng.com/fuel-subsidy-labour-fumes-as-imf-warns-fg-against-fresh-borrowings/

The Federal Government’s total borrowing from the CBN through Ways and Means Advances had ballooned by 2,286 per cent to N15.51tn in six years, according to the central bank data.

theraregem1 okefranci nonpartisan1 buckeyemedia1 Nigerialabalaba shooyie benuejosh blackpanda vedaxcool NGpatriot presidency lovenorth officialgarri seunmsg....am sure u guys understand the implication of this? Can u guys explain where the N15.5t went to? What did buhari/osinbajo do with $15.5t in 6years?

Removing fuel susbisdiy will not help income inequality, but will reduce the burden on FG funds, doubt if they will hear that.

My question to IMF, why do you keep lending to reckless borrowers who dont even use the funds for what they are meant?

backbencher:


Yes, by removing the subsidy, the industry would be able to make the money needed to make the refineries functional and working.

We should stop allowing the persistence this receptive assumptions. We have existing refineries and employees of these refineries. We are blessed with crude oil. We export crude oil and import finished products. The subsidy paid for just one month is enough to maintain all the refineries. Until the masses decide to force the Government to do the needful, the sufferings may continue. We are complaining about the ritual killings and fettish activities carried out to acquire wealth in this country. Though, we condemned and will continue to condemn the atrocious acts, yet I believe that if the infrastructures are properly working in this country, there will be a drastic reduction in the rate at which these activities are perpetrated.

lexy2014:


The Federal Government’s total borrowing from the CBN through Ways and Means Advances had ballooned by 2,286 per cent to N15.51tn in six years, according to the central bank data.

theraregem1 okefranci nonpartisan1 buckeyemedia1 Nigerialabalaba shooyie benuejosh blackpanda vedaxcool NGpatriot presidency lovenorth officialgarri seunmsg....am sure u guys understand the implication of this? Can u guys explain where the N15.5t went to? What did buhari/osinbajo do with $15.5t in 6years?

They got a share to keep their forum running.

IMF is totally right here. Subsidy is the biggest scam against the Nigerian people.

It's is shocking NLC cannot, or refuse to, see the bigger picture.

People are currently buying at 200+/ litre, and heavens did not fall.

Subsidy need to go.

Mophor:
Issokay!!!

Dz man go still take our NIN & BVN borrow money

like play like play, it will happen.

Dreal1247:


We should stop allowing the persistence this receptive assumptions. We have existing refineries and employees of these refineries. We are blessed with crude oil. We export crude oil and import finished products. The subsidy paid for just one month is enough to maintain all the refineries. Until the masses decide to force the Government to do the needful, the sufferings may continue. We are complaining about the ritual killings and fettish activities carried out to acquire wealth in this country. Though, we condemned and will continue to condemn the atrocious acts, yet I believe that if the infrastructures are properly working in this country, there will be a drastic reduction in the rate at which these activities are perpetrated.

For the refinreis to work they have to make a profit

And that is possible when subsidy has gone and when the price of fuel is set by the market not by the goverment.

Subsidy means money that would have been spent on refinereis is spent on subsidy which is used to pay salaries and such

backbencher:
The problem with the subsidy is that the more the difference between the cost of production and the pump price government sets, the more the susbidy rises.


Now that oil prices is nearly $100.....Landing cost is also going to rise to N300 and above. Meanwhile, we are selling the same fuel we spend N300 on to import at N162 PER liter.

Meaning that in one year, landing costs have gone up from N232 to N282.....to N300

At the end, the cost of subsidy is also going to shoot up....meaning we would take money from other sectors to pay for the subsidy, or we take more and more loans.

Which spells bad news for our economy


Subsidy must go. No buts...because as oil prices increases, the cost of subsiding fuel is going to rise. And we may end up spending more than the N3 trillion earmarked this year.

We agreed subsidy should go, but if this government was sincere they would have ease it gradually by building at least 1 refinery every year or at most every 2 years so that in 8 years we would have 4 or more refineries. I still don't no why we make things that are so simple complicated in this country. We does it cost government to build refinery, what does it cost government to emanate laws that will make is have strong government institution to manage government assets. I still don't know how we get here. We have missed it in this country.

Which kind yeyeh fume labour dey fume?

pho:


We agreed subsidy should go, but if this government was sincere they would have ease it gradually by building at least 1 refinery every year or at most every 2 years so that in 8 years we would have 4 or more refineries. I still don't no why we make things that are so simple complicated in this country. We does it cost government to build refinery, what does it cost government to emanate laws that will make is have strong government institution to manage government assets. I still don't know how we get here. We have missed it in this country.

They cannot build refineries because the money that would have been spent on refinereis went to subsidies

Also, subsides means no profit ( NNPC has made no profit in 20 years) meaning again no money for refineries

Finally price controls is really a bad way to run your economy.

Una get mind oo , na me go they read this literature review ..abeg shift

bjtinz:
IMF is totally right here. Subsidy is the biggest scam against the Nigerian people.

It's is shocking NLC cannot, or refuse to, see the bigger picture.

People are currently buying at 200+/ litre, and heavens did not fall.

Subsidy need to go.

those in NLC are getting their share to keep the drama going on. Someone opening mouth to accuse IMF of deceiving us is laughable and shameful...but he doesn't see it that way cos he is being rewarded handsomely.

PMB FG was never serious on removing subsidy not when election is fast approaching....... those who looked far last year knew this.

oil price is not increasing fast, yet our subsidy is doubling. This country is just chop! chop!! chop!!!.....a total joke.

At the end, the masses keep suffering from high inflation and declining income.

DannyXpress:
I just have one question

Who is going to repay all these loans back after this man leaves office...?

All his houses and his bank account we are going to confiscate it

bjtinz:
IMF is totally right here. Subsidy is the biggest scam against the Nigerian people.

It's is shocking NLC cannot, or refuse to, see the bigger picture.

People are currently buying at 200+/ litre, and heavens did not fall.

Subsidy need to go.

Ultimately all people see is the potential rise in food prices and other prices ( eg cost of photocopying stuff could rise because your guy running the photocopiers uses petrol generator as power source)

Thats why subsidy removal is a scary proposition to most

treesun:



https://punchng.com/fuel-subsidy-labour-fumes-as-imf-warns-fg-against-fresh-borrowings/

About 50% of this borrowing goes down to salaries and running of the government. Restructuring is the way out!

Oh these guys are good report is intentionally convoluted

Fuel subsidy and inflation go hand in hand, at this point it's the only form of social welfare that all nigerians enjoy, is it expensive, it is but what are the alternatives? Allow inflation to rise by 150% these guys are pushing the country into anarchy, it's shamelessly done in the open, they don't have good intentions for africa normally but this is dark, guessing the grand plan will be to push nigeria into chaos cause population growth boom usually leads to productive growth and nigeria is heading in that direction, too many flaws will make it miss this opportunity but these guys are ensuring it

Havertz10:
Oh these guys are good report is intentionally convoluted

Fuel subsidy and inflation go hand in hand, at this point it's the only form of social welfare that all nigerians enjoy, is it expensive, it is but what are the alternatives? Allow inflation to rise by 150% these guys are pushing the country into anarchy, it's shamelessly done in the open, they don't have good intentions for africa normally but this is dark, guessing the grand plan will be to push nigeria into chaos cause population growth boom usually leads to productive growth and nigeria is heading in that direction, too many flaws will make it miss this opportunity but these guys are ensuring it

Keeping fuel aubsidy means nigeria

1. Gets into more debt as we spend more of our revenue on just subsidy

2..No new refinereis, no investment in refinereis, we keep refining bad fuel abroad because investment does not thrive in subsidy situation

...it’s a lie , there’s nothing like subsidy, it’s a means to siphon money .... APC 2014-15 Presidential campaign.
On a serious note , what’s IMF ? How have their borrowing helped the economy ?
Why are they bent on impoverishing the masses and devalue the Naira ?

DannyXpress:
I just have one question

Who is going to repay all these loans back after this man leaves office...?

bullion van criminal is coming with his bullion vans

FERNANDEZISBACK:

Then why are you not in Nigeria?

I will soon.

Help2020:
I will soon.

Well good for you tho.. stay safe..

Nawaoooo..... Buhari wants to destroy this country....wants to borrow from CBN

@backbencher

The government has given out licenses for private refineries. The PIA is to clean up the supply chain and help regulate the practice.
My opinion is that the issue begins with the deniability of this administration, all the way to not borrowing to drive the economy, when it was early (The VP claimed during his re-election debate that there was no need to borrow, that the country was doing well and had even shut down some Asian rice mills)
I do not agree that the President/ Minister of Petroleum was instructed by Messrs. Kachikwu or Emefiele, as he touted his PTDF experience with Prof. Tam David West.

Not being truthful and actually denying the problem has brought us this far. We can only correct this by truth and competence. Competence still the way to the top, as in, not looking for a technocrat to lord-over with ethnicity and nepotism.

The yet-to-be-fully- implemented minimum wage must be addressed. It is much more effective than SURE-P or N5,000 to the "poorest of the poor" for 6 months. True population numbers must be used to provide succor. We must have the whole truth to deal with this.
Failing here, we fail everywhere.

Fairmedia:
IMF is not our friend, only concerned about making interest and getting paid their credit.

End enriching the western European savages at our expense.

backbencher:
The problem with the subsidy is that the more the difference between the cost of production and the pump price government sets, the more the susbidy rises.


Now that oil prices is nearly $100.....Landing cost is also going to rise to N300 and above. Meanwhile, we are selling the same fuel we spend N300 on to import at N162 PER liter.

Meaning that in one year, landing costs have gone up from N232 to N282.....to N300

At the end, the cost of subsidy is also going to shoot up....meaning we would take money from other sectors to pay for the subsidy, or we take more and more loans.

Which spells bad news for our economy


Subsidy must go. No buts...because as oil prices increases, the cost of subsidsing fuel is going to rise. And we may end up spending more than the N3 trillion earmarked this year.

Subsidy does not exist, its a scam.
There never was subsidy, asked you beloved govt why they can't repair our refineries?
Why are they waiting for one man in Lagos to build his own?
IMF is responsible for our problems, giving loans to an irresponsible govt.